House prices alert MAPPED: Property for sale is worth 10 per cent LESS in these UK towns
HOUSE PRICES are still recovering from the financial crisis in some areas of the country. There are 17 major towns in the UK where the average value of property has yet to reach pre-crisis levels.
What does the UK property market currently look like?
House prices in towns such as Liverpool and Blackpool are still 10 per cent below what average house prices were in 2007.
In fact, the North is the worst affected part of the UK in terms of house price recovery after the economic crash.
Hundreds of thousands of UK homeowners who bought property before the crash – at the top of the market – are still stuck in negative equity 10 years on.
That is, according to research from online estate agents HouseSimple.com.
House prices: Property for sale is worth 10 per cent LESS in these UK towns
When comparing average house prices in June 2007 and June 2017 in more than 60 major towns and cities in England and Wales, it becomes clear that many towns have failed to recover from the 2008 economic crisis.
The research revealed that in more than a quarter, 28 per cent, of those towns and cities, average property prices today are still worth less than their 2007 values.
What is more, over a third of these 17 towns were in the North.
In comparison, during the same period, average London prices have risen a staggering 69 per cent.
Property for sale: House prices in towns such as Liverpool and Blackpool are still recovering
Towns where house prices are still affected by the 2008 crash:
Blackpool
Sunderland
Middlesbrough
Preston
Stockton-on-Tees
Gateshead
Rotherham
Newport
Bolton
Newcastle-upon-Tyne
Property for sale: The North is the worst affected part of the UK in terms of house price recovery
Are house prices predicting another crash like 2007?
The highest annual house price growth was in the East Midlands, at 7.5 per cent, while the slowest annual growth was in London, at 2.8 per cent, in the 12 months to July.
So what do the figures, which came from the latest data released by the Office for National Statistics (ONS), mean?
One expert has claimed the findings could mean the UK will avoid the property crash that others have been predicting for months.